Word: decontrolled
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Soaring Prices. The only practical solution is to deregulate partially, but how to do that remains debatable. President Nixon last spring urged Congress to exempt newly discovered finds of natural gas from FPC regulations. Such decontrol would greatly encourage gas-producing companies to find new deposits-and according to the U.S. Geological Survey, there are potentially some 1.2 quadrillion cu. ft. of reserves in the ground waiting to be tapped. The consumer would not suffer too much immediately, since the cost of new gas would be averaged in with the cost of existing supplies. But in the long run, deregulation...
...scrapping of controls on cars, together with earlier exemptions, leaves more than half of the private economy operating free of wage-price supervision. But the COLC must still decide which industry to decontrol next. The leading contenders: steel and chemicals, both of which pose thorny economic and political conundrums...
Some chemicals have been in short supply in the U.S. because world prices are higher than controlled U.S. prices. The steel industry maintains that it needs a 5.3% across-the-board price increase, partly in order to finance badly needed plant expansions. But the COLC is reluctant to decontrol these industries because steel and chemicals are basic products from which a myriad of other goods are manufactured. Permitting their prices to go up would surely create a ripple of new inflation that would spread through many other industries. Such a surge would add to an inflation rate that even Eternal...
...PARTIAL DECONTROL A move toward voluntarism in which Phase ll's yardsticks are loosened. The Cost of Living Council, with Labor Economist John T. Dunlop of Harvard as chairman, again handles enforcement of both wage and price rules. Compliance is progressively less complete, especially on price increases, with little objection from COLC...
...President would decontrol not only gas from newly drilled wells, but also any gas from established wells that is newly diverted into interstate commerce. In addition, gas from fields in which long-term contracts have expired would be exempt from controls. The effect, Administration experts say, would be to spur more exploration, without significantly increasing the gas prices. They explain that the price of deregulated gas at the wellhead (which is only 10% to 20% of delivered cost) will be averaged in with regulated gas, resulting in minor price increases...